Global challenges hit M&A activity in Middle East, GCC
Sovereign Wealth Funds emerge as pivotal players, driving economic diversification and strategic cross-border partnerships, says Riccardo Molinari of Bain &...
Business
MENA startups optimistic despite funding fluctuations
In January 2024, MENA startup funding dropped 34% to US$ 86.5 million across 33 deals, with the UAE leading, followed...
Business
Business
US equities up as major firms set to unveil economic reports
New York, US - Wall Street stocks edged higher early Monday ahead of major economic reports and earnings releases later in...
- US equities have continued to trend higher in July behind hopes that the Federal Reserve will soon relent on interest rate hikes
- The broad-based S&P 500 added 0.3 percent at 4,593.56, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 14,370.18.
Market Report
Asian markets swing as US jobs data disappoint
Asian equities wobbled at the end of a draining week as fresh US jobs data put revived bets on two...
- Data recently pointed to a weakening in the US economy that would help ease inflation, the Fed has said it needed to see more softening in the jobs sector.
- This week's stumble follows a rally last week when a faster-than-expected slowdown in US inflation stoked hopes the Fed could end its rate hikes. .
Business
Dar Al Arkan issues sukuk of $600m
issuance is the ninth tranche Sukuk program in US dollars.
- The maturity period is of five years at a profit rate of 8 percent annually.
- The issuance order book reached US$1.64 billion (SAR 6.15 billion).
Business
Rise in foreign sukuk offset by local currency decline
Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a...
- Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a surge in foreign currency issuances, says a report
- A new report by S&P Global Ratings indicates mixed activity levels, suggesting the need for harmonization of Sharia standards to attract non-core jurisdictions
Business
Rise in foreign sukuk offset by local currency decline
Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a...
- Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a surge in foreign currency issuances, says a report
- A new report by S&P Global Ratings indicates mixed activity levels, suggesting the need for harmonization of Sharia standards to attract non-core jurisdictions
Market Report
Asian markets decline as US data spark interest rate fears
Asian stocks tumbled again after another round of strong US data reinforced expectations the Federal Reserve will resume its interest...
- Minutes from the Federal Reserve's last meeting showed officials plan to ramp up borrowing costs again this month.
- Equity-buying sentiment was hammered again by news that US private firms created twice as many jobs as expected in June.
Business
Apple tops $3trn in market value
Wall Street rises as US consumer inflation moderates.
- The personal consumption expenditure index measure of inflation eased to 3.8 percent year-on-year in May.
- The data comes on the heels of other upbeat economic reports this week adding to hopes the US economy can avoid a recession.
Business
Iraq’s finance and business center to be a hub for trading, selling
BAGHDAD, IRAQ - The Finance and Business Center in Iraq is set to become a hub for trading and selling...
- The Prime Minister's financial advisor emphasized the center's role in Iraq's financial and banking development strategy.
- He said that the center would cater to both the banking and non-banking financial businesses, such as insurance companies.
Business
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...
- This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
- Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
Business
Combined profit of capital market institutions in Saudi Arabia falls
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million...
- The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
- Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.
Global challenges hit M&A activity in Middle East, GCC
Sovereign Wealth Funds emerge as pivotal players, driving economic diversification and strategic cross-border partnerships, says Riccardo Molinari of Bain &...
Business
Company News
Albilad Capital to pay dividendÂ
Business
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Oil prices rise following Red Sea attacks
Market Report
IPOs, investments help GCC markets prosper in 2023
Regional markets are reflecting a transition from oil dependency to diversified economies with six IPOs raising $419 million in in...
YEARENDER
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
Market Report
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Business
GCC equity markets record first gain in four months
The GCC equity market index rebounded notably in November 2023, with the MSCI GCC index rising 5.2%, led by Qatar...
- The GCC equity market index rebounded notably in November 2023, with the MSCI GCC index rising 5.2%, led by Qatar and closely followed by Saudi Arabia and Dubai.
- This resurgence is a positive sign for the region's markets, which are showing robust growth and diversification efforts, particularly in sectors like Pharma & Biotech.
Business
Defying global trend, UAE leads Middle East IPO surge
The region's IPO momentum is driven by strong performances from entities like Dubai Taxi Company and a significant announcement from...
- The region's IPO momentum is driven by strong performances from entities like Dubai Taxi Company and a significant announcement from Abu Dhabi’s healthcare sector.
- Despite a 54 percent annual decrease, Middle East IPOs raise $8.4 billion in 2023, as the MSCI Gulf States Index climbs 8 percent, defying global economic downturns.
Business
ADX set for dynamic growth in 2024 with new listings
"ADX's crucial role in bridging investors with companies, fostering growth opportunities, and reinforcing the UAE and Abu Dhabi's status as...
- Abu Dhabi Securities Exchange anticipates continued growth and new listings in 2024, says CEO Abdulla Salem Al Nuaimi.
- 2023 witnessed notable listings like ADNOC Gas and Investcorp Capital, with more scheduled, including the Phoenix Group.